UPDATE: Oppenheimer Starts AGCO Corporation (AGCO) at Outperform
(updated to add analyst comments)
Oppenheimer analyst Kristen Owen initiates coverage on AGCO Corporation (NYSE: AGCO) with a Outperform rating and a price target of $114.00.
The analyst commented, "We are initiating coverage on AGCO Corporation (AGCO) with an Outperform rating and $114 price target. As we expand our Sustainable Growth and Resource Optimization coverage into the agricultural technology sector, we believe AGCO is well positioned to benefit from secular trends of digitization, automation, and autonomy unfolding in agriculture. With a focus on creating value for the producer, we believe AGCO is effectively leveraging its technology investments to create a steady stream of incremental value through OE integration and aftermarket capture while driving improved cross-cycle margins. Against the backdrop of improving ag market fundamentals, we apply a mid-cycle 19.0x multiple to derive our $114 PT."
Shares of AGCO Corporation closed at $89.67 yesterday.
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